燃料油早报-20250711

Report Overview - Report Title: Fuel Oil Morning Report - Report Date: July 11, 2025 - Research Team: Energy and Chemicals Team of the Research Center Report Industry Investment Rating - Not provided in the given content Core Viewpoints - This week, the high-sulfur crack spread fluctuated downward, the near-month spread declined, and the EW remained in a low-level oscillation. The 380 8 - 9 month spread dropped to $3.25, the basis oscillated at a low level, the FU09 internal and external spread weakened significantly, and the domestic delivery volume was large, maintaining a loose pattern. [6] - The Singapore 0.5 crack spread decreased slightly, the month spread oscillated, and the 8 - 9 month spread oscillated around $6. The LU internal and external spread remained relatively strong, with the 09 oscillating around $17. [6][7] - This week, Singapore's onshore inventory increased, the window was under delivery pressure, and the near-month contract was under pressure. Recently, fuel oil exports from Iran and Iraq remained at a high level, Egypt's net imports reached a new high, high-sulfur supply and demand were in the peak season, the internal and external spread had dropped rapidly, the external low-sulfur valuation was relatively high, and the LU internal and external spread was running at a high level. Attention should be paid to the domestic production situation. [7] Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/07/04 | 2025/07/07 | 2025/07/08 | 2025/07/09 | 2025/07/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 410.21 | 415.73 | 421.39 | 427.74 | 416.69 | -11.05 | | Rotterdam 0.5% VLS FO Swap M1 | 466.59 | 469.33 | 473.90 | 476.00 | 467.49 | -8.51 | | Rotterdam HSFO - Brent M1 | -2.61 | -2.45 | -2.47 | -1.75 | -2.05 | -0.30 | | Rotterdam 10ppm Gasoil Swap M1 | 671.26 | 665.18 | 678.94 | 675.03 | 662.16 | -12.87 | | Rotterdam VLSFO - Gasoil M1 | -204.67 | -195.85 | -205.04 | -199.03 | -194.67 | 4.36 | | LGO - Brent M1 | 23.61 | 21.59 | 22.87 | 22.33 | 22.20 | -0.13 | | Rotterdam VLSFO - HSFO M1 | 56.38 | 53.60 | 52.51 | 48.26 | 50.80 | 2.54 | [4] Singapore Fuel Oil Swap Data | Type | 2025/07/04 | 2025/07/07 | 2025/07/08 | 2025/07/09 | 2025/07/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 416.21 | 414.51 | 421.88 | 426.95 | 426.30 | -0.65 | | Singapore 180cst M1 | 424.41 | 423.40 | 430.38 | 434.39 | 434.01 | -0.38 | | Singapore VLSFO M1 | 500.75 | 496.05 | 503.04 | 507.25 | 504.61 | -2.64 | | Singapore Gasoil M1 | 86.91 | 88.27 | 87.84 | 90.06 | 88.88 | -1.18 | | Singapore 380cst - Brent M1 | -1.70 | -1.74 | -1.55 | -2.03 | -1.67 | 0.36 | | Singapore VLSFO - Gasoil M1 | -142.38 | -157.15 | -146.98 | -159.19 | -153.10 | 6.09 | [4] Singapore Fuel Oil Spot Data | Type | 2025/07/04 | 2025/07/07 | 2025/07/08 | 2025/07/09 | 2025/07/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 407.59 | 406.54 | 416.16 | 420.79 | 418.55 | -2.24 | | FOB VLSFO | 512.68 | 507.10 | 513.00 | 516.44 | 512.29 | -4.15 | | 380 Basis | -6.40 | -6.25 | -5.00 | -5.30 | -5.40 | -0.10 | | High - Sulfur Internal - External Spread | -2.9 | -4.7 | -7.0 | -10.3 | -10.1 | 0.2 | | Low - Sulfur Internal - External Spread | 17.0 | 17.7 | 18.3 | 16.6 | 17.4 | 0.8 | [5] Domestic FU Data | Type | 2025/07/04 | 2025/07/07 | 2025/07/08 | 2025/07/09 | 2025/07/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2857 | 2848 | 2869 | 2902 | 2910 | 8 | | FU 05 | 2805 | 2794 | 2807 | 2837 | 2848 | 11 | | FU 09 | 2966 | 2947 | 2972 | 2982 | 2972 | -10 | | FU 01 - 05 | 52 | 54 | 62 | 65 | 62 | -3 | | FU 05 - 09 | -161 | -153 | -165 | -145 | -124 | 21 | | FU 09 - 01 | 109 | 99 | 103 | 80 | 62 | -18 | [5] Domestic LU Data | Type | 2025/07/04 | 2025/07/07 | 2025/07/08 | 2025/07/09 | 2025/07/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3507 | 3495 | 3526 | 3568 | 3567 | -1 | | LU 05 | 3434 | 3426 | 3470 | 3472 | 3491 | 19 | | LU 09 | 3621 | 3619 | 3663 | 3692 | 3687 | -5 | | LU 01 - 05 | - | 69 | 56 | 96 | 76 | -20 | | LU 05 - 09 | -187 | -193 | -193 | -220 | -196 | 24 | | LU 09 - 01 | 114 | 124 | 137 | 124 | 120 | -4 | [6]